ITIS Announces Litigation Support Contracts in Stock Manipulation Suits
HOUSTON--(BUSINESS WIRE)--Sept. 20, 2002--ITIS(R) Holdings Inc.(OTCBB:ITHH) announces that its subsidiary Litidex has now contracted to do all litigation support work for six other companies who have lawsuits pending for alleged stock manipulation, frequently done through "death spiral" convertibles, and who are represented by Houston attorneys John M. O'Quinn and James W. "Wes" Christian. Those companies are: Nanopierce Technologies Inc. (OTCBB:NPCT); RTIN Holdings Inc. (formerly Restaurant Teams International)(OTCBB:RTNH); Hyperdynamics Corporation (OTCBB:HYPD); Eagletech Communications Inc. (EATC.PK); JAG Media Holdings Inc. (OTCBB:JGMHA); and Endovasc Ltd. Inc. (OTCBB:ENVC).
"Litidex will be doing all document management and litigation support work for the stock fraud cases Wes Christian and John O'Quinn accept," said Hunter M. A. Carr, CEO of ITIS Holdings, "and we are presently reviewing 6 other companies and have started discussions with 41 others," added Carr. "We will be building databases of all their documents," said Carr, "and the companies will have the benefit of our nearly 20 years' experience in automated litigation support." Carr said the Company expects revenues of about $4 million over the next 12 months from these cases.
"It appears that this stock manipulation occurs across the entire securities industry, and while it happens mostly in bulletin board stocks, we also believe it is happening in companies listed on the Nasdaq, the American Stock Exchange, and the New York Stock Exchange," said Carr. "We have set up a toll-free number for companies who would like to investigate pursuing stock manipulation or death-spiral cases, at 888/651-8388," Carr said.
About ITIS
ITIS Holdings Inc. operates subsidiaries that provide litigation support), and that operate specialized medicine pharmacies through PharmHouse, in addition to OnPoint Solutions, a developer of the Litidex(R) software, the Rightscript software to be used in the pharmacies, and other software and hardware technologies.
Except for historical information, certain statements in this release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of ITIS Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations.
CONTACT:
ITIS Inc., Houston
Carol Wilson, 281/600-6000 or 888/651-8388
carol.wilson@itisinc.com
SOURCE: ITIS Inc.
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09/20/2002 20:17 EASTERN |
